Finnish MarTech Leadoo raised €5M

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The young Finnish MarTech company Leadoo is looking to invest in strengthening their product and expanding to new markets after raising €5M in just two weeks through crowdfunding company Springvest.

Leadoo CEO Mikael da Costa
One of the key factors of Leadoo’s rapid growth and success is it’s committed team members, says CEO Mikael da Costa.

This recent round of financing for Leadoo MT was Springvest’s second-largest funding round of all time, marketing in just over two weeks! This was a so-called A round for Leadoo MT and was also backed by the current venture capitalist Open Ocean.

Investors’ interest towards Leadoo MT was “exceptional and even large investments were excluded in the oversubscription situation”

says Päivi Malinen, CEO of Springvest

Founded in 2018, Leadoo MT’s customers already include, for example, electronics giant Samsung and media company SkyTV. The company primarily develops chatbot solutions to help companies convert more sales or leads from their websites as well as through digital advertising. 

There was significant interest from portfolio companies already familiar with Springvest which helped achieve investments in record time, despite Leadoo working with Springvest for the very first time.

explains Malinen.
Springvest's Managing Director Päivi Malinen
Springvest’s Managing Director Päivi Malinen

Leadoo MT, which has appeared on several growth company listings, has 700 clients and has generated recurring revenue worth 3 million euros. Founded in 2018, Leadoo MT’s customers already include for example, electronics giant Samsung and media company SkyTV.

New growth areas

The marketing technology industry is constantly growing. This trend is also reflected in Leadoo Marketing Technologies’ own growth. 

Thanks to our innovative product and our excellent team, we plan to expand into a new conversion market that we believe will be even bigger and more important in the long run than marketing automation alone

states da Costa

Leadoo MT’s platform helps the customer convert and identify more sales leads from existing website traffic. The website visitor wants to find a solution to their problem and by helping them the probability of converting a visitor to a customer is always higher.

Key pillars for Leadoo’s rapid growth to date have been an easy-to-understand and effective product, a scalable and efficient sales model, distinctive product positioning and development in a way that differs from competitors

explains da Costa

The company’s goal is to continue its strong growth in the current markets and, with the financing round, to scale to new countries as well.

We are positioning our product more strongly as a conversion platform, which also means diversifying product development to deliver on this product promise,” da Costa says.

Despite their young age, the company has managed to garner international prestige other than in the form of customers. Last autumn, Leadoo MT was awarded “The Best B2B Lead Generation Tool of 2020” at the prestigious Martech Breakthrough Awards, the only Nordic company to do so.